There has been several interesting developments in the Nutraceuticals space over the last years. The industry is embracing innovation and new product development methods combined with innovative new ways of marketing these new products. Analysts project that the Global Nutraceutical market to grow at a CAGR of 6.30% between 2013-2018. One of the key factors contributing to this growth is the increase in ageing Global Population. Globally, the Nutraceuticals space has been seeing an increase in product development and research. The report, the Global Nutraceutical Market 2014-2018, was prepared based on a detailed market study with inputs from various experts in the industry. The report covers North America, Europe, the APAC region and ROW. The report also covers the Global Nutraceutical market’s landscape and its growth prospects in the coming years. It also includes a discussion of the key vendors operating in this space.
The Global Nutraceutical market is highly competitive and has numerous local and international vendors in it. Some players are introducing numerous new and innovative food ingredients, nutraceutical products, and ready-to-market product ideas. Companies are working towards introducing new innovative products on the basis of ingredients, packaging, and serving ability and not necessarily new formulation. Innovation at the moment seems to be driven by usability, consumer sensibilities and insights.
Since consumers are also increasingly interested in tasting new products, flavors, and recipes; products that are developed using specific cultural influences are also gaining popularity. Larger food companies are continuously developing new products to meet new expectations. They aim to gain advantage from nutraceuticals and are fortifying their existing products, re-positioning, or are supporting sales with new marketing approaches based on studies that support the benefits of their core products. That said, the increase in innovative nutraceutical food products seems to be one of the main trends that is expected to increase the growth of the Nutraceutical market between 2013-2018 .
According to the report, one of the major drivers of growth is the increasing aging population around the globe. With the increase in the aging population that contains potential and primary consumers, the level and rate of consumption of nutraceutical products has increased tremendously. The majority of the demand for nutraceutical products seems to be from the APAC region. This region is densely populated, with changing consumer lifestyles and increasing disposable income among consumers.